What will paying provisional tax more often be like?
Businesses using AIM will make provisional tax payments more often. Provisional tax payments will be made monthly for businesses registered for monthly GST returns. Businesses on a two-monthly or six-monthly GST filing option will pay provisional tax every two months, as will those not registered for GST. Receiving the payments more frequently means Inland Revenue can remove the use of money interest exposure.
We know from previous consultations that being able to pay tax on a more regular basis will reduce this stress, particularly for those in seasonal or unpredictable industries.